The latest rankings have unveiled the prime cities for first-time buyers to step onto the property ladder, with a Scottish city securing the top spot for the fourth consecutive year.
Glasgow has once again emerged as the leading city in the Aldermore First-Time Buyer (FTB) Appeal Index, surpassing other contenders in various aspects beyond just house prices and deposits. Factors such as commute times, local amenities, and the demographic of young residents were also taken into consideration.
Glasgow’s appeal lies in its average first-time buyer price of £168,828 and an average deposit of £31,856, coupled with a projected annual price growth of 6.8%. This stands out against the backdrop of the UK’s average house price of £269,000. Additionally, Glasgow boasts the highest concentration of 25 to 35-year-olds among all cities, a thriving local business scene, and expanding job opportunities.
On the flip side, other Scottish cities like Dundee, Aberdeen, and Edinburgh have slipped in the rankings, making way for northern English cities like Liverpool and Newcastle, which have climbed to the second and third positions, respectively.
Meanwhile, southern commuter towns and coastal areas continue to pose affordability challenges, with Maidstone, Basildon, Southend, and Chelmsford ranking at the bottom of the list.
Director of Mortgages at Aldermore, Jon Cooper, noted that despite affordability hurdles, opportunities exist for first-time buyers, especially in northern cities. He also welcomed the FCA’s proposed changes to UK mortgage rules, aiming to facilitate property ownership for FTBs and self-employed individuals.
Cooper emphasized the importance of engaging a broker for guidance throughout the home-buying journey, citing the broker’s ability to secure the best deals and alleviate stress from the process.
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